With advent in technology, payment for goods and services has been made possible electronically. Use of making payments electronically has provided consumers with a much more efficient method of paying for the goods and services that they consume. After much adaptation of the technology, many institutions accept electronic fund payments in variety of means. For example, the electronic fund payments are accepted by means of credit cards, telephone banking or more direct payment from an electronic purse of a consumer to an account of a goods or service provider. Further, there exists other alternative methods to make payments; such as Automated Clearing House (ACH), money transfers using existing electronic banking systems e.g., via electronic wire transfer are often used for transfers of large sums of money. For transfers of smaller sums of money, existing electronic banking systems are often costly and inconvenient.
Apart from the technologies described above for making the payments electronically, Person-to-person (P2P) payments allows consumers to transfer electronic funds. Specifically, the Person-to-person (P2P) payment is an online technology that allows customers e.g., payor and payee to transfer funds from their bank account or credit card to another. In the existing methods, in order to execute the P2P payments, the payor registers the payee through at least one of a plurality of registration identifiers such as email address, bank account number, credit card, phone number, social media profile or someone in their contact list etc. In the above mentioned methods, the P2P payments have the risk of sharing personal information and dependent on the payor registering the correct identifier of the payee. Mistyping a recipient's identifier would transfer funds to a wrong recipient. The existing methods include convoluted processes and involve multiple channels to register and identify the payee. Further, the payee identification may include an additional authentication factor for processing the payment request.
Few of the existing methods used to establish communication between devices based on “at the same time, at the same place” include motion detection based, acceleration based, time and location-based techniques. Other methods of communication include near field communications, Bluetooth, Wi-Fi etc. However, the existing methods do not disclose facilitating peer-to-peer communication by an intermediary server based on an augmented reality.